The term ‘home equity’ has become a bit of a buzz phrase of late, thanks in part to the recent release of Auckland Council’s 2014 capital valuation (CV) figures.
An average increase in home values of 29% across the region means some Auckland homeowners have found themselves in a position where the equity in their properties has significantly increased.
It’s not just an Auckland phenomenon. Property values are increasing around the country, and many New Zealand homeowners will be wondering what this all means for them. Let’s break it down simply.
What is home equity?
Home equity is essentially the total value of your home, minus what is owed to a lender.
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